ODAC Newsletter - 9 July 2010


Welcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre, the UK registered charity dedicated to raising awareness of peak oil.

Hopes rose this week that BP may be in a position to attempt to 'kill' the Macondo oil leak a couple of weeks ahead of its previously anticipated date. The first of two relief wells is now close to the target, and a top BP executive is reported to have told Wall Street Journal that, should weather conditions remain favourable, the well could be shut off by 27th July. With this optimistic, but by no means assured backdrop, Tony Hayward spent this week visiting Middle Eastern investors in an attempt to shore up BP against hostile takeover bids. The US administration in the meantime made an unsuccessful attempt on Thursday to challenge the ruling to lift its temporary ban on drilling. It is now likely to issue a revised moratorium.

Should BP successfully kill the well in the next weeks, it is highly likely that the next half of the year could see more legal challenges to recent rulings made in the wake of the disaster by the Obama administration. BPs financial liability will be huge — it is already running at £2bn — however attempts to restrict the company's freedom to divest its assets are likely to be challenged as soon as the company feels it is in a stronger position. President Obama will also continue to face political battles with regard to drilling restrictions and liability caps, so will need to seize the moment quickly to have any chance of capturing public sentiment to "seriously tackle our addiction to fossil fuels".

As yet, there has been little regulatory impact in other off-shore oil regions as a result of the disaster. European Energy Commissioner Guenther Oettinger this week however suggested a ban on new off-shore drilling until the causes of the disaster are known. While no ban is imminent, this does demonstrate that there is likely to be a tightening of regulation around deepwater drilling which extends outside of the US, with a knock on effect of higher costs and project delays.

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Disclaimers

Oil

BP aims to fix leaking Gulf of Mexico oil well by 27 July

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US appeals court refuses stay on deepwater drilling

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US seeks advance notice of any BP sales

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Europe Weighs Deep-Water Drilling Ban

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Media, boaters could face criminal penalties by entering oil cleanup 'safety zone'

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BP oil spill costs pass $3 billion mark

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Saudi King Seeks Wise Oil Use, Not Output Ban, Banque Saudi Analyst Says

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Fuel hike sends Indians to the streets

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BP brushes off calls to keep away from ecologically risky areas

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Feds maintain fossil fuel incentives despite phase-out pledge

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Electricity

Con-Ed Nerve Center Fights to Keep Lights On

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Low-carbon power spur for Liverpool

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Renewables

Germany targets switch to 100% renewables for its electricity by 2050

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No link between wind turbines and health: report

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Obama hands $2bn to solar energy firms

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UK

Offshore wind grants survive Osborne's axe

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UK overturns ban on councils selling green power to the grid

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Jump in North Sea drilling signals positive sentiment

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Climate

New report says energy efficiency measures have greatest impact

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Review of questioned IPCC report says conclusions 'well-founded'

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Transport

Solar-powered plane lands safely after 26-hour flight

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Electric cars must be taxed to pay for more power stations 'or National Grid could fail'

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£15m funding boost for 150 'green' buses

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Economy

IMF raises global economic growth forecast

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IMF cuts UK growth forecasts

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With the US trapped in depression, this really is starting to feel like 1932

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Disclaimers

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